By South China Morning Post | Created at 2024-09-25 05:48:16 | Updated at 2024-09-30 19:29:48
5 days ago
Country Garden Services (CGS) sold a 1.49 per cent stake in a mall operator for 3.14 billion yuan (US$447 million), the listed property management arm of debt-laden Chinese developer Country Garden said in a filing with the Hong Kong stock exchange.
It is the latest divestment by the Foshan-based developer, which was once China’s largest in terms of home sales.
The stake – about 108 million shares in Zhuhai Wanda, China’s biggest shopping centre operator – will be acquired by Dalian Wanda and a related party, Zhuhai Wanying.
In December, Country Garden sold a 1.79 per cent stake in the same company to the same parties for 3.07 billion yuan. Following the latest sale, CGS will still hold about 22.11 million shares, or 0.31 per cent, of Zhuhai Wanda.
Proceeds of the sale will be used for “general working capital and other purposes as approved by the board,” CGS said Wednesday.
